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County of Fairfax, Virginia
Dulles Metrorail Silver Line Phase 2:
Fairfax County Parking Garages &
WMATA Surcharge Agreement
1
Tom Biesiadny, Todd Wigglesworth,
Joe LaHait, and Erin Ward
Board Transportation Committee
June 10, 2014
County of Fairfax, Virginia
Presentation Outline
2
I. Silver Line Project Funding and Status of Parking Garages
II. Background on WMATA Surcharge Agreement
III. Amendments Required to WMATA Surcharge Agreement
IV. Total Project Estimate and Funding Status
V. Plan of Finance
VI. Timeline and Summary
County of Fairfax, Virginia
I. SILVER LINE PROJECT FUNDING & STATUS OF
PARKING GARAGES
3
County of Fairfax, Virginia
Silver Line Phase 2 Memorandum of
Agreement – Parking Garages
• Funding plan agreement reached between USDOT,
Commonwealth of Virginia, Fairfax County, Loudoun
County, MWAA, and WMATA
• Fairfax County approved in November 2011
• Counties agreed to “use best efforts” to relieve the
rail project of the five parking garages
– Fairfax: Herndon and Innovation Center (formerly
Route 28)
• County staff has developed a financial strategy to
pay for the garages.
4
County of Fairfax, Virginia
Ownership of New Parking Garages
• Until the Dulles rail project, WMATA owned (or will
own) all the parking facilities at the five Metrorail
stations in Fairfax County (Vienna, Dunn Loring, West
Falls Church, Huntington and Franconia-Springfield)
• With the Dulles project, Fairfax County has taken on a
greater role in the development and ownership of the
parking facilities at the new Metrorail stations
(Wiehle-Reston East, Herndon and Innovation Center)
• For Wiehle-Reston East and Herndon, the County
purchased the property for these facilities in the mid-
1990s and developed satellite park-and-ride lots
• At the Innovation Center Station, the County secured
the land for the parking garage through a proffer
• By retaining ownership of the parking facilities, the
County controls future joint development on the sites
and retains all the revenue from those joint
developments
5
County of Fairfax, Virginia
Changing the Parking Surcharge
• The current parking fee at WMATA parking facilities consists of two parts; a
base fee used for operation and maintenance costs, and a surcharge which is
used to pay debt service on several Metrorail station parking garages
• Since the three new Dulles rail parking garages in Fairfax County will be
owned by Fairfax County, there is a need to change the existing surcharge
arrangement
6
• WMATA agreed to negotiate an amendment to the Surcharge
Implementation Agreement to make the Phase 2 facilities at
Herndon and Innovation Center part of that agreement
• Allows parking fees and surcharge revenues to offset debt
service costs for the financing of these two parking garages
• In addition, the MOA clarified the definition of “parking
facilities” to include the parking structures and related
equipment and facilities related to the associated Phase 2 transit
stations
County of Fairfax, Virginia
II. BACKGROUND ON WMATA SURCHARGE AGREEMENT
7
County of Fairfax, Virginia
Surcharge History
• The concept of a parking surcharge was developed by Fairfax County and WMATA to
fund additional Metrorail parking spaces
• The County and WMATA use the revenues from the surcharge at all five of the Fairfax
County stations, plus one in Arlington and one in Alexandria, to pay debt service on
bonds issued by the EDA for new parking garages at the Vienna and Huntington
Metrorail Stations
• Original surcharge agreement executed in 1989; amended in 1999
• WMATA collects surcharge on top of base parking fee and credits it to the account of a
jurisdiction that will use it to provide Metrorail parking facilities
• County provided revenue bond financing through the EDA that was supported by
parking surcharge fees from seven facilities in or near Fairfax County
• WMATA pays the debt service using the surcharge funds
• Ownership of the existing parking garage facilities transfers from EDA to WMATA upon
the completion of the lease terms (e.g. debt paid off)
8
County of Fairfax, Virginia
Current Surcharge Fee Structure
Station Parking
Capacity
Parking Fee to
Customer
Base
Revenues to
WMATA
Revenue to
Surcharge
Account
Huntington 3,617 $4.75 $3.50 $1.25
West Falls Church 2,009 $4.75 $3.75 $1.00
Dunn Loring 1,326 $4.75 $3.50 $1.25
Vienna 5,169 $4.75 $3.50 $1.25
Franconia 5,069 $4.75 $3.50 $1.25
Van Dorn 361 $4.75 $4.25 $0.50
East Falls Church 422 $4.75 $3.75 $1.00
Total 17,973
9
Total rate will increase on July 1, 2014 from $4.75 to $4.85. The base rate
will increase by $0.10. There will be no increase in the surcharge.
County of Fairfax, Virginia
Additional Parking Fee Information
• The surcharge amount is different, because the base parking
fee is higher at rail stations inside the Beltway
• Arlington and Alexandria agreed to include the surcharge at
their Metrorail station parking lots
10
County of Fairfax, Virginia
Previous Surcharge Financing
Year Item Facility Purpose
1989 Lease Revenue Bonds Huntington Debt Service
1990 Lease Revenue Bonds Vienna I Debt Service
1998 Refinanced Bonds Huntington & Vienna I Debt Service
1999 Lease Revenue Bonds Vienna II Debt Service
2005 Refinanced Bonds Vienna II Debt Service
2010 Lease Revenue
Refunding Bonds
Huntington & Vienna I Defeasance of
Outstanding Debt
11
WMATA and the County also utilized cash from the surcharge account for items such
as: design of Vienna II and West Falls Church; design and construction of expansion
parking at Huntington
The only debt that remains is Vienna II which is scheduled to be paid off in 2020
County of Fairfax, Virginia
Surcharge Credit Structure
• Existing Parking Revenue Bonds achieved a AA+
• County’s Moral Obligation provides that in the event of a shortfall in
surcharge revenues resulting in a draw on the debt service reserve
securing EDA’s Bonds, the County will, from its general fund and
subject to appropriation, restore the deficiency in the debt service
reserve
• The County has never had to supplement the surcharge revenues to
pay debt service.
• Current draft plan of finance for Herndon and Innovation Center
Station Parking Garages assumes the same or similar credit
enhancement
12
County of Fairfax, Virginia
Parking Fee Financial Summary
• All parking fees projected to generate $10m annually
– Existing surcharge generates $5m annually
• Less $2m annually for debt service on Vienna which is outstanding through 2020;
• cumulative balance approximately $19m
– New Silver Line Garages (Herndon and Innovation Center) total parking
fees are projected to generate $5m annually
• Wiehle-Reston East Parking Garage
– Annual parking revenues will be used in combination with ground rents to
offset debt service for Wiehle-Reston East bonds issued in July 2011
• All surcharge and County owned parking fee revenues will be
earmarked for debt service and operating and maintenance (O&M)
• Stable and versatile funding source – proven through financing and
cash contributions to parking garages
• Current surcharge will expire, if there is no more debt outstanding to
pay (e.g. it will be done in 2020 when Vienna II is retired)
• Annual parking and surcharge revenues and cumulative surcharge
balance are essential to finance County parking garages at Herndon and
Innovation Center
13
County of Fairfax, Virginia
III. AMENDMENTS REQUIRED TO WMATA
SURCHARGE AGREEMENT
14
County of Fairfax, Virginia
Proposed changes to Surcharge Agreement
• Creation of a Fairfax Metrorail Parking System to consist of the Wiehle,
Innovation Center, and Herndon parking structures, surface lots, and
related facilities and improvements, and future parking spaces the County
may develop for Metrorail patrons
• Fairfax will set parking rates for spaces within its system; WMATA does not
have approval authority; all fees go to the County
• Fairfax may use the parking revenues for improvement and expansion of
parking for Metrorail patrons at Metrorail stations in Fairfax County, whether
the parking is owned and controlled by Fairfax or WMATA, and at parking
facilities in the County that provide remote parking for Metrorail patrons
15
County of Fairfax, Virginia
Proposed changes to Surcharge Agreement
Continued
• WMATA will continue to set parking rates for WMATA controlled spaces;
which include
– a base fee, which WMATA uses for O & M, and
– a surcharge, at a rate established by WMATA as requested by the
County
• Proposed Agreement requires WMATA to transfer surcharge revenues to
the County:
– Existing surcharge account balance (approximately $19m) minus a
reserve for Vienna II (max of $2M) will be transferred to the County
upon execution; reservation is for amounts WMATA owes for up to
12 months of Vienna II rent/debt service payments
– Thereafter, WMATA transfers surcharge revenues to the County
monthly, after it has reserved amount sufficient to pay next 12
months of Vienna II rent payments
16
County of Fairfax, Virginia
Proposed changes to Surcharge Agreement
Continued
• When Vienna II bonds are paid off, facility lease
terminates and all surcharge revenues are transferred to
the County monthly with no reservation by WMATA
• Fairfax can use surcharge revenues, for planning,
development, financing, construction, operation,
maintenance, insurance, improvement and expansion of
parking for Metrorail patrons at Metrorail stations,
whether the parking is owned and controlled by Fairfax or
WMATA
• Proposed agreement extends life of the surcharge
arrangement – current agreement will terminate when
the Vienna II bonds are paid
17
County of Fairfax, Virginia
Ordinance Amendment for Parking Fees
• Related “housekeeping” measure required by state law.
• Chapter 82, Article 5, Section 82-5-39, of The Code of Fairfax County
governs parking at WMATA owned/operated garages
• Amendment prepared to expand Section 82-5-39 to Metrorail
Parking Facilities owned or controlled by the County (i.e., the Silver
Line Garages)
– June 3—County Board authorized advertisement of public hearing
– July 1— County Board Public Hearing
• Amendment allows County to regulate those parking areas in the
Metrorail system that are or will be owned or controlled by the
County, including setting parking fees
18
County of Fairfax, Virginia
IV. TOTAL PROJECT ESTIMATE AND FUNDING STATUS
19
County of Fairfax, Virginia
Current Funding Status for
Phase 2 Parking Garages
Herndon Innovation
Center
TOTAL
Total Project
Estimate $56,700,000 $60,850,000 $117,550,000
Less FY 2013
Carryover
-
1,500,000
-
1,900,000 3,400,000
Less FY 2015
Budget
-
2,300,000
-
2,300,000 4,600,000
Less FY 2016
(HB 2313 Local) 4,000,000 4,000,000 8,000,000
Net Balance
(Bond Sale) $48,900,000 $52,650,000 $101,550,000
20
County of Fairfax, Virginia
V. PLAN OF FINANCE
21
County of Fairfax, Virginia
Plan of Finance Items
• Parking garages currently in the WMATA system and part of the surcharge
agreement to generate $5m approximately (assuming Vienna II paid off)
• County will own and maintain three new Silver Line garages
– Parking fees will be collected by WMATA and transferred to the County (less
processing fee)
– Herndon and Innovation Center are expected to generate approximately $5M
annually
– Wiehle-Reston East parking fees will be combined with ground rents to offset
debt service for bonds issued for construction in 2011 and O&M costs
• Both surcharge and County owned parking fee revenue sources will be
utilized for debt service and O&M
• Same credit structure used for previous County / EDA parking garage
revenue bonds
22
County of Fairfax, Virginia
VI. TIMELINE AND SUMMARY
23
County of Fairfax, Virginia
Date Item
May 9, 2014 USDOT Awards TIFIA Loan
May 27, 2014 MWAA turns over Phase 1 to WMATA
June 10, 2014 Board Transportation Committee
Summer 2014 Expected start of Phase 1 Passenger/Revenue Service
Summer / Fall 2014 Targeted closing on County TIFIA loan with USDOT
Fall 2014 County and WMATA action on Amendments to Surcharge Agreement;
County to notify MWAA of status of County parking garages
Fall 2014 County / Bond Counsel to initiate Bond Validation Process
December 2014 Deadline to notify MWAA on status of Parking Garages
Winter 2016 Bond Sale Construction to begin on Parking Garages
Late 2018 Targeted opening of Phase 2 Passenger/Revenue Service, Parking
Garages
24
Timeline
County of Fairfax, Virginia
Summary
Current Surcharge Agreement New Surcharge Agreement
WMATA Owns Land used to Build Garage County Owns Land used to Build Garage
County Finances Parking Structure County Finances Parking Structure
WMATA Collects Parking and Surcharge
Fees
WMATA Collects Parking and Surcharge
Fees, and Transfers them to the County
WMATA Pays Debt Service with Surcharge
Fee through a Lease Agreement
County Pays Debt Service on New
Structures
WMATA Pays all O&M Costs with Base Fee County Pays O&M Costs on County Owned
Facilities
WMATA Owns Land and Structure once all
Debt is Paid
County Owns Land and Structure
Joint Development Benefit through
WMATA Capital Formula (Approx. 16%)
Joint Development Benefit (100% County)
25

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Dulles Metrorail Silver Line Phase 2: Fairfax County Parking Garages & WMATA Surcharge Agreement

  • 1. County of Fairfax, Virginia Dulles Metrorail Silver Line Phase 2: Fairfax County Parking Garages & WMATA Surcharge Agreement 1 Tom Biesiadny, Todd Wigglesworth, Joe LaHait, and Erin Ward Board Transportation Committee June 10, 2014
  • 2. County of Fairfax, Virginia Presentation Outline 2 I. Silver Line Project Funding and Status of Parking Garages II. Background on WMATA Surcharge Agreement III. Amendments Required to WMATA Surcharge Agreement IV. Total Project Estimate and Funding Status V. Plan of Finance VI. Timeline and Summary
  • 3. County of Fairfax, Virginia I. SILVER LINE PROJECT FUNDING & STATUS OF PARKING GARAGES 3
  • 4. County of Fairfax, Virginia Silver Line Phase 2 Memorandum of Agreement – Parking Garages • Funding plan agreement reached between USDOT, Commonwealth of Virginia, Fairfax County, Loudoun County, MWAA, and WMATA • Fairfax County approved in November 2011 • Counties agreed to “use best efforts” to relieve the rail project of the five parking garages – Fairfax: Herndon and Innovation Center (formerly Route 28) • County staff has developed a financial strategy to pay for the garages. 4
  • 5. County of Fairfax, Virginia Ownership of New Parking Garages • Until the Dulles rail project, WMATA owned (or will own) all the parking facilities at the five Metrorail stations in Fairfax County (Vienna, Dunn Loring, West Falls Church, Huntington and Franconia-Springfield) • With the Dulles project, Fairfax County has taken on a greater role in the development and ownership of the parking facilities at the new Metrorail stations (Wiehle-Reston East, Herndon and Innovation Center) • For Wiehle-Reston East and Herndon, the County purchased the property for these facilities in the mid- 1990s and developed satellite park-and-ride lots • At the Innovation Center Station, the County secured the land for the parking garage through a proffer • By retaining ownership of the parking facilities, the County controls future joint development on the sites and retains all the revenue from those joint developments 5
  • 6. County of Fairfax, Virginia Changing the Parking Surcharge • The current parking fee at WMATA parking facilities consists of two parts; a base fee used for operation and maintenance costs, and a surcharge which is used to pay debt service on several Metrorail station parking garages • Since the three new Dulles rail parking garages in Fairfax County will be owned by Fairfax County, there is a need to change the existing surcharge arrangement 6 • WMATA agreed to negotiate an amendment to the Surcharge Implementation Agreement to make the Phase 2 facilities at Herndon and Innovation Center part of that agreement • Allows parking fees and surcharge revenues to offset debt service costs for the financing of these two parking garages • In addition, the MOA clarified the definition of “parking facilities” to include the parking structures and related equipment and facilities related to the associated Phase 2 transit stations
  • 7. County of Fairfax, Virginia II. BACKGROUND ON WMATA SURCHARGE AGREEMENT 7
  • 8. County of Fairfax, Virginia Surcharge History • The concept of a parking surcharge was developed by Fairfax County and WMATA to fund additional Metrorail parking spaces • The County and WMATA use the revenues from the surcharge at all five of the Fairfax County stations, plus one in Arlington and one in Alexandria, to pay debt service on bonds issued by the EDA for new parking garages at the Vienna and Huntington Metrorail Stations • Original surcharge agreement executed in 1989; amended in 1999 • WMATA collects surcharge on top of base parking fee and credits it to the account of a jurisdiction that will use it to provide Metrorail parking facilities • County provided revenue bond financing through the EDA that was supported by parking surcharge fees from seven facilities in or near Fairfax County • WMATA pays the debt service using the surcharge funds • Ownership of the existing parking garage facilities transfers from EDA to WMATA upon the completion of the lease terms (e.g. debt paid off) 8
  • 9. County of Fairfax, Virginia Current Surcharge Fee Structure Station Parking Capacity Parking Fee to Customer Base Revenues to WMATA Revenue to Surcharge Account Huntington 3,617 $4.75 $3.50 $1.25 West Falls Church 2,009 $4.75 $3.75 $1.00 Dunn Loring 1,326 $4.75 $3.50 $1.25 Vienna 5,169 $4.75 $3.50 $1.25 Franconia 5,069 $4.75 $3.50 $1.25 Van Dorn 361 $4.75 $4.25 $0.50 East Falls Church 422 $4.75 $3.75 $1.00 Total 17,973 9 Total rate will increase on July 1, 2014 from $4.75 to $4.85. The base rate will increase by $0.10. There will be no increase in the surcharge.
  • 10. County of Fairfax, Virginia Additional Parking Fee Information • The surcharge amount is different, because the base parking fee is higher at rail stations inside the Beltway • Arlington and Alexandria agreed to include the surcharge at their Metrorail station parking lots 10
  • 11. County of Fairfax, Virginia Previous Surcharge Financing Year Item Facility Purpose 1989 Lease Revenue Bonds Huntington Debt Service 1990 Lease Revenue Bonds Vienna I Debt Service 1998 Refinanced Bonds Huntington & Vienna I Debt Service 1999 Lease Revenue Bonds Vienna II Debt Service 2005 Refinanced Bonds Vienna II Debt Service 2010 Lease Revenue Refunding Bonds Huntington & Vienna I Defeasance of Outstanding Debt 11 WMATA and the County also utilized cash from the surcharge account for items such as: design of Vienna II and West Falls Church; design and construction of expansion parking at Huntington The only debt that remains is Vienna II which is scheduled to be paid off in 2020
  • 12. County of Fairfax, Virginia Surcharge Credit Structure • Existing Parking Revenue Bonds achieved a AA+ • County’s Moral Obligation provides that in the event of a shortfall in surcharge revenues resulting in a draw on the debt service reserve securing EDA’s Bonds, the County will, from its general fund and subject to appropriation, restore the deficiency in the debt service reserve • The County has never had to supplement the surcharge revenues to pay debt service. • Current draft plan of finance for Herndon and Innovation Center Station Parking Garages assumes the same or similar credit enhancement 12
  • 13. County of Fairfax, Virginia Parking Fee Financial Summary • All parking fees projected to generate $10m annually – Existing surcharge generates $5m annually • Less $2m annually for debt service on Vienna which is outstanding through 2020; • cumulative balance approximately $19m – New Silver Line Garages (Herndon and Innovation Center) total parking fees are projected to generate $5m annually • Wiehle-Reston East Parking Garage – Annual parking revenues will be used in combination with ground rents to offset debt service for Wiehle-Reston East bonds issued in July 2011 • All surcharge and County owned parking fee revenues will be earmarked for debt service and operating and maintenance (O&M) • Stable and versatile funding source – proven through financing and cash contributions to parking garages • Current surcharge will expire, if there is no more debt outstanding to pay (e.g. it will be done in 2020 when Vienna II is retired) • Annual parking and surcharge revenues and cumulative surcharge balance are essential to finance County parking garages at Herndon and Innovation Center 13
  • 14. County of Fairfax, Virginia III. AMENDMENTS REQUIRED TO WMATA SURCHARGE AGREEMENT 14
  • 15. County of Fairfax, Virginia Proposed changes to Surcharge Agreement • Creation of a Fairfax Metrorail Parking System to consist of the Wiehle, Innovation Center, and Herndon parking structures, surface lots, and related facilities and improvements, and future parking spaces the County may develop for Metrorail patrons • Fairfax will set parking rates for spaces within its system; WMATA does not have approval authority; all fees go to the County • Fairfax may use the parking revenues for improvement and expansion of parking for Metrorail patrons at Metrorail stations in Fairfax County, whether the parking is owned and controlled by Fairfax or WMATA, and at parking facilities in the County that provide remote parking for Metrorail patrons 15
  • 16. County of Fairfax, Virginia Proposed changes to Surcharge Agreement Continued • WMATA will continue to set parking rates for WMATA controlled spaces; which include – a base fee, which WMATA uses for O & M, and – a surcharge, at a rate established by WMATA as requested by the County • Proposed Agreement requires WMATA to transfer surcharge revenues to the County: – Existing surcharge account balance (approximately $19m) minus a reserve for Vienna II (max of $2M) will be transferred to the County upon execution; reservation is for amounts WMATA owes for up to 12 months of Vienna II rent/debt service payments – Thereafter, WMATA transfers surcharge revenues to the County monthly, after it has reserved amount sufficient to pay next 12 months of Vienna II rent payments 16
  • 17. County of Fairfax, Virginia Proposed changes to Surcharge Agreement Continued • When Vienna II bonds are paid off, facility lease terminates and all surcharge revenues are transferred to the County monthly with no reservation by WMATA • Fairfax can use surcharge revenues, for planning, development, financing, construction, operation, maintenance, insurance, improvement and expansion of parking for Metrorail patrons at Metrorail stations, whether the parking is owned and controlled by Fairfax or WMATA • Proposed agreement extends life of the surcharge arrangement – current agreement will terminate when the Vienna II bonds are paid 17
  • 18. County of Fairfax, Virginia Ordinance Amendment for Parking Fees • Related “housekeeping” measure required by state law. • Chapter 82, Article 5, Section 82-5-39, of The Code of Fairfax County governs parking at WMATA owned/operated garages • Amendment prepared to expand Section 82-5-39 to Metrorail Parking Facilities owned or controlled by the County (i.e., the Silver Line Garages) – June 3—County Board authorized advertisement of public hearing – July 1— County Board Public Hearing • Amendment allows County to regulate those parking areas in the Metrorail system that are or will be owned or controlled by the County, including setting parking fees 18
  • 19. County of Fairfax, Virginia IV. TOTAL PROJECT ESTIMATE AND FUNDING STATUS 19
  • 20. County of Fairfax, Virginia Current Funding Status for Phase 2 Parking Garages Herndon Innovation Center TOTAL Total Project Estimate $56,700,000 $60,850,000 $117,550,000 Less FY 2013 Carryover - 1,500,000 - 1,900,000 3,400,000 Less FY 2015 Budget - 2,300,000 - 2,300,000 4,600,000 Less FY 2016 (HB 2313 Local) 4,000,000 4,000,000 8,000,000 Net Balance (Bond Sale) $48,900,000 $52,650,000 $101,550,000 20
  • 21. County of Fairfax, Virginia V. PLAN OF FINANCE 21
  • 22. County of Fairfax, Virginia Plan of Finance Items • Parking garages currently in the WMATA system and part of the surcharge agreement to generate $5m approximately (assuming Vienna II paid off) • County will own and maintain three new Silver Line garages – Parking fees will be collected by WMATA and transferred to the County (less processing fee) – Herndon and Innovation Center are expected to generate approximately $5M annually – Wiehle-Reston East parking fees will be combined with ground rents to offset debt service for bonds issued for construction in 2011 and O&M costs • Both surcharge and County owned parking fee revenue sources will be utilized for debt service and O&M • Same credit structure used for previous County / EDA parking garage revenue bonds 22
  • 23. County of Fairfax, Virginia VI. TIMELINE AND SUMMARY 23
  • 24. County of Fairfax, Virginia Date Item May 9, 2014 USDOT Awards TIFIA Loan May 27, 2014 MWAA turns over Phase 1 to WMATA June 10, 2014 Board Transportation Committee Summer 2014 Expected start of Phase 1 Passenger/Revenue Service Summer / Fall 2014 Targeted closing on County TIFIA loan with USDOT Fall 2014 County and WMATA action on Amendments to Surcharge Agreement; County to notify MWAA of status of County parking garages Fall 2014 County / Bond Counsel to initiate Bond Validation Process December 2014 Deadline to notify MWAA on status of Parking Garages Winter 2016 Bond Sale Construction to begin on Parking Garages Late 2018 Targeted opening of Phase 2 Passenger/Revenue Service, Parking Garages 24 Timeline
  • 25. County of Fairfax, Virginia Summary Current Surcharge Agreement New Surcharge Agreement WMATA Owns Land used to Build Garage County Owns Land used to Build Garage County Finances Parking Structure County Finances Parking Structure WMATA Collects Parking and Surcharge Fees WMATA Collects Parking and Surcharge Fees, and Transfers them to the County WMATA Pays Debt Service with Surcharge Fee through a Lease Agreement County Pays Debt Service on New Structures WMATA Pays all O&M Costs with Base Fee County Pays O&M Costs on County Owned Facilities WMATA Owns Land and Structure once all Debt is Paid County Owns Land and Structure Joint Development Benefit through WMATA Capital Formula (Approx. 16%) Joint Development Benefit (100% County) 25